招商证券国际发表研报指，奈飞以约700亿美元领先竞购华纳兄弟探索公司影业及流媒体资产；又认为华纳兄弟探索公司的流媒体及影业资产对奈飞具有战略价值，若收购成功，凭借其财务承受能力，叠加华纳兄弟探索的知识产权和用户基础，有望进一步提升奈飞的市场地位。该行认为，如果奈飞竞标成功，将把其3亿订阅用户与HBO Max的1.2亿以上用户合并，总数超过4亿，市场份额从20%提升至28%。但不利因素包括，两平台之间存在显著的订阅用户重叠(约25%至30%)；短期内面临执行风险及债务飙升问题。 该行预计，奈飞今年四季度和2026年Non-GAAP归母净利润，按年分别增长19%、24%。以2025至2027年盈利复合年增长率计算，奈飞当前2026年市盈增长率为1.8倍，相较于美国主要科技公司的中位数2倍，该行予奈飞目标价142美元，评级“增持”。
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